Here are the key factors to keep in mind today for Euro trades:
- Italian Markit/ADACI Manufacturing PMI: The Italian Markit/ADACI Manufacturing PMI for May was reported at 55.1. Economists predicted a figure of 56.1. Forex traders can compare this to the Italian Markit/ADACI Manufacturing PMI for April which was reported at 56.2.
- French Markit Manufacturing PMI: The Final French Markit Manufacturing PMI for May was reported at 53.8. Economists predicted a figure of 54.0. Forex traders can compare this to the previous French Markit Manufacturing PMI for May which was reported at 54.0.
- German Markit/BME Manufacturing PMI: The Final German Markit/BME Manufacturing PMI for May was reported at 59.5. Economists predicted a figure of 59.4. Forex traders can compare this to the previous German Markit/BME Manufacturing PMI for May which was reported at 59.4.
- Eurozone Markit Manufacturing PMI: The Final French Markit Manufacturing PMI for May was reported at 57.0. Economists predicted a figure of 57.0. Forex traders can compare this to the previous Eurozone Markit Manufacturing PMI for May which was reported at 57.0.
- Italian GDP: The final Italian GDP for the first-quarter increase by 0.4% quarterly and by 1.2% annualized. Economists predicted an increase of 0.2% quarterly and of 0.8% annualized. Forex traders can compare this to the previous Italian GDP for the first-quarter which increased by 0.2% quarterly and by 0.8% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US ADP Employment Change: The US ADP Employment Change for May is predicted at 180K. Forex traders can compare this to the US ADP Employment Change for April which was reported at 177K.
- US Non-Farm Productivity and Unit Labor Costs: Final US Non-Farm Productivity for the first-quarter is predicted to decrease by 0.6% quarterly and Unit Labor Costs are predicted to increase by 3.0% quarterly. Forex traders can compare this to the previous US Non-Farm Productivity for the first-quarter which decreased by 0.6% quarterly and to Unit Labor Costs which increased by 3.0% quarterly.
- US Initial Jobless Claims and Continuing Claims: US Initial Jobless Claims for the week of May 27th are predicted at 238K and US Continuing Claims for the week of May 20th are predicted at 1,920K. Forex traders can compare this to US Initial Jobless Claims for the week of May 20th which were reported at 234K and to US Continuing Claims for the week of May 13th which were reported at 1,923K.
- US Markit Manufacturing PMI: The Final US Markit Manufacturing PMI for May is predicted at 52.5. Forex traders can compare this to the previous US Markit Manufacturing PMI for May which was reported at 52.5.
- US ISM Manufacturing Index: The US ISM Manufacturing Index for May is predicted at 54.6. Forex traders can compare this to the US ISM Manufacturing Index for April which was reported at 54.8. ISM Prices Paid for May are predicted at 67.0. Forex traders can compare this to ISM Prices Paid for April which were reported at 68.5.
- US Construction Spending: US Construction Spending for April is predicted to increase by 0.5% monthly. Forex traders can compare this to US Construction Spending for March which decreased by 0.2% monthly.
Should price action for the EURUSD remain inside the or breakdown below the 1.1200 to 1.1250 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1225
- Take Profit Zone: 1.0825 – 1.0875
- Stop Loss Level: 1.1350
Should price action for the EURUSD breakout above 1.1250 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1275
- Take Profit Zone: 1.1350 – 1.1400
- Stop Loss Level: 1.1250
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
